00:00Where outside of Nigeria are you seeing the most returns based on your portfolio?
00:07Of course, we do see Nigeria is a part of your portfolio.
00:10But outside of that, give us a bit of insight into what's actually delivered on the ROI for you.
00:16OK, absolutely.
00:18So I would describe the opportunity set in three buckets for foreign investors.
00:24So first, you have South Africa, which is a deep and liquid stock market where foreign investors can easily participate.
00:30Then you have the second bucket of countries like Nigeria, like you mentioned, but also Kenya, Egypt, Morocco.
00:37These are less liquid, but still accessible, especially strategies like the African Middle East strategy or the Frontier strategy at
00:46the price.
00:47The final bucket are actually countries in Africa that are too liquid for us to participate.
00:51We can't easily buy stocks there and it's very difficult to sell.
00:55So we don't participate in this third bucket.
00:58Where we see opportunities are in places like Kenya.
01:01We've seen a stabilization in the currency there that's helped us and valuations are very attractive.
01:06Similarly, Egypt is interesting here and we're invested in Morocco likewise.
01:11However, we are more cautious on the other countries besides Nigeria at this point of the cycle.
01:16And we need to see structural reforms to ensure that they don't fall under the heavy debt burden that they're
01:21often under.
01:21And one thing is, that's good.
01:21And the instrument begins with regard to the airport in Europe as well.
01:21And the idea of the time getting by the United States is unsuccessful.
01:21So you have a newydd krdd?
01:22chance of rats, you can orient their seat.angen your
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